A licensed life insurance agent in Ontario wishes to change their sponsoring insurance company. Which of the following statements accurately describes the procedure for notifying the regulator?

Question: A licensed life insurance agent in Ontario wishes to change their sponsoring insurance company. Which of the following statements accurately describes the procedure for notifying the regulator?

Answer options: ✅ The agent must notify the Financial Services Regulatory Authority of Ontario (FSRA) within five business days of the change, and the new insurer must also notify FSRA within the same timeframe.

• Only the new sponsoring insurer is responsible for notifying FSRA within 30 days of the agent's appointment.
• The agent must notify FSRA immediately upon termination with the previous insurer, and the new insurer files an update with FSRA at the next annual renewal.
• Notification to FSRA is only required when the agent's license is due for renewal, provided the new insurer is listed on the renewal application.

Correct answer: The agent must notify the Financial Services Regulatory Authority of Ontario (FSRA) within five business days of the change, and the new insurer must also notify FSRA within the same timeframe.

Explanation: According to FSRA's regulations for licensed agents, both the agent and the new sponsoring insurer have a responsibility to notify FSRA of a change in sponsorship within five business days. This dual notification ensures regulatory oversight and maintains updated records of agent affiliations.